LDC-backed Eque2 acquires ClipIt

The firm did not contribute fresh equity to fund the purchase; the acquisition was funded by LDC's initial investment.

LDC acquired a significant minority stake in Eque2 from Livingbridge in a £16m deal in 2017. Yorkshire Bank provided facilities to support the transaction. 

Eque2 made the acquisition to acquire the skills, knowledge and technology of ClipIt.

Company
Founded in 2002, ClipIt specialises in construction accounting and job costing software products. Its construction accounting software manages a construction company's job costing, applications, accounts, retentions and payroll. Headquartered in Yeovil, the company employs fewer than 10 people, according to LinkedIn.

People
LDC – John Clarke (investment director).
Eque2 – Justin Moule, Peter Davidson (managing directors).

Advisers
Acquirer – Dow Schofield Watts (corporate finance, financial due diligence); Gateley (legal).

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